11 Best Debt-Free Stocks to Invest in Right Now

Page 6 of 10

5. Okta Inc. (NASDAQ:OKTA)

EV to Market Cap: 0.90

Number of Hedge Fund Holders: 65

Okta Inc. (NASDAQ:OKTA) is one of the 11 best debt-free stocks to invest in right now. Stifel Nicolaus analyst Adam Borg maintained his Buy rating on Okta in a June 25 note, holding the price target steady at $130. While recent sentiment around the stock has been mixed, Borg believes the company’s long-term positioning remains solid, particularly as demand for identity-focused cybersecurity solutions continues to rise.

Okta’s dual focus on Workforce Identity and Customer Identity is gaining traction, with early signs of success from newer products pointing to stronger adoption across both segments. Borg noted that recent improvements in go-to-market execution are also helping drive better results, potentially setting the stage for a revenue and RPO (Remaining Performance Obligations) reacceleration.

He believes that if this momentum continues, it could translate into meaningful improvements in operating margins and stronger free cash flow over time. From a valuation standpoint, Borg believes that while the broader market remains divided on the stock, the valuation is reasonable relative to the company’s upside potential. All these factors support his optimistic view.

Okta Inc. (NASDAQ: OKTA) offers a suite of products and services used to manage and secure identities, enabling users to access applications in the cloud or on-premises from various devices.

Page 6 of 10